Mike Wood

Mike Wood

Conservative — Kingswinford and South Staffordshire

Speaking in the House of Commons on 30 October 2024

Debate

Budget Resolutions

Contribution

My right hon. Friend is absolutely spot on. We do not need to take his word for it, definitive though it is. The Chancellor herself was clear that many of the tax rises that she has introduced today are taxes on jobs and can only find their way out of people’s pay packets. People were sold a false prospectus on our national finances. Before the election, the then shadow Chancellor promised that Labour would be the party of “fiscal responsibility” and that she would have “iron discipline”. Well, at least Gordon Brown was faithful to prudence for a full term. It looks as though fiscal responsibility has been jilted at the altar by the Chancellor within her first few months. Page 6 of the OBR outlook makes it clear that the measures in this Budget will increase borrowing by £150 billion over the course of this Parliament.

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